Q.What is Contract Lifecycle Management Software used for?
A.Contract Lifecycle Management (CLM) software is used to efficiently create, collaborate, approve, store, and manage contracts. It ensures compliance, reduces risks, and helps organizations track key dates, renewals, and costs.
Q.What is Contract Automation Software?
A.Contract automation software is a type of technology that automates the creation, management, and processing of contracts. It uses predefined templates, standardized clauses, and rules to streamline the contract lifecycle.
Q.How can you measure ROI from CLM?
A.You can measure ROI from Contract Lifecycle Management (CLM) by comparing the cost savings, efficiency improvements, and risk reduction achieved through CLM software against the initial investment in the software and ongoing operational costs.